Published on November 7th, 2019 | by Chuck25
New Bank Promises 3% APY Savings Rate When You Save 20% Of Your Paycheck (HMBradley)
A new bank called HMBradley promises 3% APY savings rate when you have direct deposit to the account and you save 20% of the direct deposit. The unique system rewards those who save more. When you save 20% of your direct deposit each month you’ll be awarded the full 3% rate. HMBradley uses FDIC insured banks.
Right now the account is on waitlist. When the account becomes available, you’ll have 60 days to open the account and set up direct deposit to be eligible for the rate.
3% is quite a nice rate given the current environment. That said, I’m always skeptical about how long these new fintechs will keep the rate going. Obviously there’s no guarantee. They also make it sound like the 3% rate is something of a ‘bonus’ which sounds like it’s not a long term thing.
I’m a bit confused about when they’ll be paying out the bonus: “And if you sign up today, you’ll start growing a sign up bonus you can claim when we launch.” Sounds like you’ll earn no interest initially, even after depositing money. Then, when they ‘launch’ they’ll pay you a lump sum of all the interest. I don’t know, it all sounds weird. Worth waiting until the dust settles on this one.
Hat tip to reader Andrew